Despite growing investments in digital transformation, many insurers still rely on paper-based workflows. From legacy systems and compliance concerns to aging customer bases, the road to modernization has been slow and uneven. Frank Eubank, CEO of LenderDock, offers a candid look at why paper persists—and how insurers can finally move past it.

The insurance industry has long been resistant to change, lagging behind other sectors when it comes to innovation and modernization. While financial services, retail, and even healthcare have thrived with new technology, insurance remains a slow mover—held back by legacy systems, regulatory complexities, and deep-rooted traditional processes. This difficulty in evolving has led to significant inefficiencies, particularly in communication with lienholders, mortgage banks, and financial third parties.

A 2019 article focusing on insurance underwriting by McKinsey stated, “Based on our observations, anywhere from 30 to 40 percent of underwriting’s time is spent on administrative tasks, such as rekeying data or manually executing analyses.”

GhostDraft will offer AAIS Members the ability to streamline current processes and increase speed to market.